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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8913 Reported in House (RH)]

<DOC>

                                                 Union Calendar No. 798
118th CONGRESS
  2d Session
                                H. R. 8913

                          [Report No. 118-949]

To amend the Internal Revenue Code of 1986 to exclude certain students 
   from the calculation to determine if certain private colleges and 
 universities are subject to the excise tax on net investment income, 
                        and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                              July 2, 2024

 Mr. Ferguson (for himself, Mr. Kelly of Pennsylvania, Mrs. Miller of 
West Virginia, Mr. Murphy, Mr. Kustoff, Ms. Tenney, Mr. Moore of Utah, 
Ms. Malliotakis, and Ms. Stefanik) introduced the following bill; which 
            was referred to the Committee on Ways and Means

                           December 24, 2024

               Additional sponsor: Mr. Smith of Nebraska

                           December 24, 2024

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]
[For text of introduced bill, see copy of bill as introduced on July 2, 
                                 2024]

_______________________________________________________________________

                                 A BILL

 
To amend the Internal Revenue Code of 1986 to exclude certain students 
   from the calculation to determine if certain private colleges and 
 universities are subject to the excise tax on net investment income, 
                        and for other purposes.

 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Protecting American Students Act''.

SEC. 2. CERTAIN STUDENTS NOT TAKEN INTO ACCOUNT FOR PURPOSES OF 
              CALCULATION TO DETERMINE IF CERTAIN PRIVATE COLLEGES AND 
              UNIVERSITIES ARE SUBJECT TO EXCISE TAX ON NET INVESTMENT 
              INCOME.

    (a) In General.--Section 4968(b) of the Internal Revenue Code of 
1986 is amended by adding at the end the following new paragraph:
            ``(3) Certain students not taken into account in 
        determining endowment threshold.--For purposes of paragraph 
        (1)(D), a student shall not be taken into account with respect 
        to an eligible educational institution unless such student 
        meets the student eligibility requirements under section 
        484(a)(5) of the Higher Education Act of 1965 (20 U.S.C. 
        1091(a)(5)).''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2024.

SEC. 3. REQUIREMENT TO REPORT CERTAIN INFORMATION WITH RESPECT TO 
              APPLICATION OF EXCISE TAX BASED ON INVESTMENT INCOME OF 
              PRIVATE COLLEGES AND UNIVERSITIES.

    (a) In General.--Section 6033 of the Internal Revenue Code of 1986 
is amended by redesignating subsection (o) as subsection (p) and by 
inserting after subsection (n) the following new subsection:
    ``(o) Requirement to Report Certain Information With Respect to 
Excise Tax Based on Investment Income of Private Colleges and 
Universities.--Each applicable educational institution described in 
section 4968(b) which is subject to the requirements of subsection (a) 
shall include on the return required under subsection (a)--
            ``(1) the number of students taken into account for 
        purposes of the calculation in paragraph (1)(D) of section 
        4968(b) (determined before the application of paragraph (3) of 
        such section), and
            ``(2) the number of students taken into account for 
        purposes of the calculation in paragraph (1)(D) of section 
        4968(b) (determined after the application of paragraph (3) of 
        such section).''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2024.
                                                 Union Calendar No. 798

118th CONGRESS

  2d Session

                               H. R. 8913

                          [Report No. 118-949]

_______________________________________________________________________

                                 A BILL

To amend the Internal Revenue Code of 1986 to exclude certain students 
   from the calculation to determine if certain private colleges and 
 universities are subject to the excise tax on net investment income, 
                        and for other purposes.

_______________________________________________________________________

                           December 24, 2024

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
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